Rwanda: MobiCash Joins Rwanda Coop for Payments

The Rwanda Cooperative Agency (RCA), which regulates SACCOs offered MobiCash the go-ahead to have all SACCOs use its electronic payment gateway to offer financial services to the people, writes AGNES BATETA.

The move is seen by the agency as a way to boost financial inclusion while promoting a cashless economy simultaneously. This was after the two entered a partnership last week.

"Since SACCOs are closer to the people at grass-root level, it will now be easy for people to use MobiCash's technology to carry out transactions such as making their Rwanda Revenue Authority (RRA) payments (both fiscal and non-fiscal) at their convenience," said Francisca Mukakarangwa, the Director of the SACCO Coordination unit at RCA said.

MobiCash's technology span covers a wide variety of uses and offers services that can be used whether or not one has a bank account or a mobile phone.

"The use of MobiCash will also enable the SACCOs register more of the unbanked and underbanked population," Mukakarangwa said.

There are currently 416 Umurenge SACCOs spread out across the country out of which 122 so far have signed up to use the MobiCash platform. "We urge more people to embrace the technology through SACCOs in order to improve access to financial services," she said.

The platform is completely mobile network agnostic (independent of Mobile Network Operators) and can bank the entire spectrum of a country citizenry using biometric authentications.

"We are committed to bringing fundamental innovation, convenience and easy access to banking and payment services to "everybody" especially those not served by financial institutions and regardless their financial status (the Unbanked), thus deepening the financial sector," Pascal Nyagahene, the MobiCash Rwanda Chief Executive Officer said.

MobiCash platform provide different financial services which include among others the payment to several government agencies.

SOURCE:EAST AFRICAN BUSINESS WEEK